To the Members,
7Seas Entertainment Limited,
Hyderabad, Telangana,
India
The Board of Directors hereby submits the report of the business and operations of your
Company (‘the Company' or ‘7Seas') along with the audited "Financial
statement for the "Fiscal Year ended March 31, 2023.
1. Financial summary/highlights:
The performance during the period ended 31st March, 2023 has been as under:
(Amounts in Lakhs)
| Particulars |
Standalone |
|
2022-23 |
2021-22 |
| Turnover/Income (Gross) |
552.21 |
51.65 |
| Other Income |
3.70 |
37.18 |
| Profit/loss before Depreciation, Finance Costs, |
61.39 |
2.47 |
| Exceptional items and Tax Expense |
|
|
| Less: Depreciation/ Amortisation/ Impairment |
8.16 |
-- |
| Profit /loss before Finance Costs, Exceptional items and Tax Expense |
53.23 |
2.47 |
| Less: Finance Costs |
-- |
-- |
| Profit /loss before Exceptional items and Tax Expense |
53.23 |
2.47 |
| Add/(less): Exceptional items |
-- |
-- |
| Profit /loss before Tax Expense |
-- |
-- |
| Less: Tax Expense (Current & Deferred) |
-- |
-- |
| Profit /loss for the year (1) |
53.23 |
2.47 |
| Total Comprehensive Income/loss (2) |
-- |
-- |
| Total (1+2) |
-- |
-- |
| Balance of profit /loss for earlier years |
-- |
-- |
| Less: Transfer to Debenture Redemption Reserve |
-- |
-- |
| Less: Transfer to Reserves |
-- |
-- |
| Less: Dividend paid on Equity Shares |
-- |
-- |
| Less: Dividend paid on Preference Shares |
-- |
-- |
| Less: Dividend Distribution Tax |
-- |
-- |
| Balance carried forward |
53.23 |
2.47 |
2. Overview & state of the company's affairs:
During the year under review, the Company has recorded total income including other
income of Rs.555.91 Lakhs and profit of Rs.53.23Lakhs as against the income of
Rs.88.83Lakhs and Profit of Rs.2.47Lakhs in the previous financial year ending 31.03.2022.
3. Business update and state of company's affairs:
The information on Company's affairs and related aspects is provided under Management
Discussion and Analysis report, which has been prepared, inter-alia, in compliance with
Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
and forms part of this Report.
4. Change in the nature of business, if any:
The Company has not undergone any change in the nature of business during the FY
2022-23.
5. Transfer to reserves:
Pursuant to provisions of Section 134 (3) (j) of the Companies Act, 2013, the company
has not proposed to transfer any amount to general reserves account of the company during
the year under review.
6. Revision of financial statements:
There was no revision of the financial statements for the year under review.
7. Material changes & commitment affecting the financial position of the
company:
There have been no material changes and commitments affecting the financial position of
the Company which have occurred during the end of the Financial Year of the Company to
which the financial statements relate and the date of the report.
8. Significant & material orders passed by the regulators or courts or
tribunals:
No significant or material orders have been passed against the Company by the
Regulators, Courts or Tribunals, which impacts the going concern status and company's
operations in future.
9. Dividend:
Keeping the Company's growth plans in mind, your directors have decided not to
recommend dividend for the year.
10. Investor Relations:
The Company continuously strives for excellence in its Investor Relations engagement
with International and Domestic investors through structured conference-calls and periodic
investor/analyst interactions like individual meetings, participation in investor
conferences, quarterly earnings calls and analyst meet from time to time. The Company
ensures that critical information about the Company is available to all the investors, by
uploading all such information on the Company's website.
11. Transfer of un-claimed dividend to Investor Education and Protection:
There is no such amount of Un-paid or Unclaimed Dividend be transferred to Investor and
Education and Protection Fund for the financial year ended 31st March 2023.
12. Details of utilization of funds:
During the year ended 31st March 2023, there were no proceeds from public issues,
rights issues, preferential issues etc.
13. Details of Nodal Officer:
The Company has designated Mr. L.Maruti Sanker as a Nodal Officer for the purpose of
IEPF.
14. Investor Education and Protection Fund (IEPF)
Pursuant to the provisions of Section 124 of the Act, Investor Education and Protection
Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF
Rules") read with the relevant circulars and amendments thereto, the amount of
dividend remaining unpaid or unclaimed for a period of seven years from the due date is
required to be transferred to the Investor Education and Protection Fund
("IEPF"), constituted by the Central Government
During the Year, no amount of dividend was unpaid or unclaimed for a period of seven
years and therefore no amount is required to be transferred to Investor Education and
Provident Fund under the Section 125(1) and Section 125(2) of the Act.
15. Deposits from public:
The Company has not accepted any public deposits during the Financial Year ended March
31, 2023 and as such, no amount of principal or interest on public deposits was
outstanding as on the date of the balance sheet. there has been no non-compliance with the
requirements of the Act.
16. Independent director's familiarization programmes:
Independent Directors are familiarized about the Company's operations, businesses,
financial performance and significant development so as to enable them to take
well-informed decisions in timely manner. Interaction with the Business heads and key
executives of the Company is also facilitated. Detailed presentations on important
policies of the Company are also made to the directors. Direct meetings with the
Chairperson are further facilitated to familiarize the incumbent Director about the
Company/its businesses and the group practices.
The details of familiarisation programme held in FY 2022-23 are also disclosed on the
Company's website and its web link is http://www.7seasent.com.
17. Board Evaluation
Performance of the Board and Board Committees was evaluated on various parameters such
as structure, composition, diversity, experience, corporate governance competencies,
performance of specific duties and obligations, quality of decision-making and overall
Board effectiveness. Performance of individual Directors was evaluated on parameters such
as meeting attendance, participation and contribution, engagement with colleagues on the
Board, responsibility towards stakeholders and independent judgement. All the Directors
were subjected to peer-evaluation.
All the Directors participated in the evaluation process. The results of evaluation
were discussed in the Board meeting held in February 2023. The Board discussed the
performance evaluation reports of the Board, Board Committees, Individual Directors, and
Independent External Persons. The Board upon discussion noted the suggestions / inputs of
the Directors. Recommendations arising from this entire process were deliberated upon by
the Board to augment its effectiveness and optimize individual strengths of the Directors.
The detailed procedure followed for the performance evaluation of the Board, Committees
and Individual Directors is enumerated in the Corporate Governance Report.
18. Meetings of the Board
During the year, Five (5) meetings of the Board of Directors of the Company were
convened and held in accordance with the provisions of the Act. The date(s) of the Board
Meeting, attendance by the directors is given in the Corporate Governance Report forming
an integral part of this report.
19. Committees of the Board
There are various Board constituted Committees as stipulated under the Act and Listing
Regulations namely Audit Committee, Nomination and Remuneration Committee, Stakeholders
Relationship and Risk Management Committee. Brief details pertaining to composition, terms
of reference, meetings held and attendance thereat of these Committees during the year
have been enumerated in Corporate Governance Report forming part of this Annual Report.
20. Audit Committee Recommendations:
During the year, all recommendations of Audit Committee were approved by the Board of
Directors.
21. Directors and key managerial personnel:
As on date of this report, the Company has Eleven Directors, out of which Six are
Independent Directors and two are executive directors and Three Non-Executive Directors.
a) Appointment/Re-appointment of Directors of the Company:
i. In accordance with the provisions of the companies Act, 2013 and Articles of
Association of the company Mr. K. Pradeep Kumar, non-independent -non executive director,
retire by rotation and being eligible, offers himself for re-appointment.
ii. In accordance with the provisions of the companies Act, 2013 and Articles of
Association of the company Mr. Gandra Srinivas Rao, non-independent -non executive
director, retire by rotation and being eligible, offers himself for re-appointment.
b) Key Managerial Personnel:
Key Managerial Personnel for the financial year 2022-23
• Mr. Maruti Sanker Lingamaneni, Managing Director of the company.
• Mr. Hemalatha Lingamaneni, Whole Time Director cum CFO of the company.
• Mr. Remo John, Company Secretary & Compliance Officer of the Company.
22. Statutory audit and auditors report:
The members of the Company at their Annual General Meeting held on 28th December, 2020
have appointed M/s. Sathuluri & Co., as statutory auditors of the Company to hold
office until the conclusion of 34th Annual General meeting of the Company. The Auditors'
Report for fiscal year 2022-2023 does not contain any qualification, reservation or
adverse remark. The Auditors' Report is enclosed with the financial statements in this
Annual Report. The Company has received audit report with unmodified opinion for Audited
Financial Results of the Company for the Financial Year ended March 31, 2023 from the
statutory auditors of the Company.
The Auditors have confirmed that they have subjected themselves to the peer review
process of Institute of Chartered Accountants of India (ICAI) and hold valid certificate
issued by the Peer Review Board of the ICAI.
23. Internal auditors:
Pursuant to provisions of Section 138 read with Rule 13 of the Companies (Accounts)
Rules, 2014 and Section 179 read with Rule 8(4) of the Companies (Meetings of Board and
its Powers) Rules, 2014; during the year under review, the Internal Audit of the functions
and activities of the Company was undertaken by M/s. DVAK & Co., the Internal Auditor
of the Company.
Deviations are reviewed periodically and due compliance was ensured. Summary of
Significant Audit Observations along with recommendations and its implementations are
reviewed by the Audit Committee and concerns, if any, are reported to the Board. There
were no adverse remarks or qualification on accounts of the Company from the Internal
Auditor.
The Board has re-appointed M/s. DVAK & Co., Chartered Accountants, Hyderabad, as
Internal Auditors for the Financial Year 2023-24.
24. Secretarial Auditor & Audit Report:
In terms of section 204 of the Companies Act, 2013 read with the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, based upon the recommendations of
the Audit Committee, the Board of Directors had appointed M/s. Chakravarthy &
Associates, Practicing Company Secretaries (CP No. 22563) as the Secretarial Auditor of
the Company, for conducting the Secretarial Audit for financial year ended March 31, 2023.
The Secretarial Audit was carried out by M/s. Chakravarthy & Associates, Practicing
Company Secretaries (CP No. 22563) for the financial year ended March 31, 2023. The Report
given by the Secretarial Auditor is annexed herewith as Annexure-I and forms integral part
of this Report.
The Secretarial Audit Report does not contain any qualification, reservation or adverse
remark.
25. Annual Secretarial Compliance Report:
SEBI vide its Circular No. CIR/CFD/CMD1/27/2019 dated February 08, 2019 read with
Regulation 24(A) of the Listing Regulations, directed listed entities to conduct Annual
Secretarial compliance audit from a
Practicing Company Secretary of all applicable SEBI Regulations and
circulars/guidelines issued thereunder. Further, Secretarial Compliance Report dated
May18, 2023, was given by Mrs. P.Sarada, Practicing Company Secretary which was submitted
to Stock Exchanges within 60 days of the end of the financial year.
The Secretarial Compliance Report does not contain any qualification, reservation or
adverse remark.
26. Information about The Financial Performance / Financial Position of The
Subsidiaries / Associates:
The Company does not have any subsidiary. During the year neither any company became a
subsidiary nor ceased as a subsidiary.
27. Cost records and cost audit:
Maintenance of cost records and requirement of cost audit as prescribed under the
provisions of Section 148(1) of the Act, are not applicable for the business activities
carried out by the Company.
28. No Frauds reported by statutory auditors
During the Financial Year 2022-23, the Auditors have not reported any matter under
section 143(12) of the Companies Act, 2013, therefore no detail is required to be
disclosed under section 134(3) (ca) of the Companies Act, 2013.
29. Declaration by the Company
None of the Directors of the Company are disqualified for being appointed as Directors
as specified in Section 164 (2) of the Act read with Rule 14 of Companies (Appointment and
Qualifications of Directors) Rules, 2014.
30. Conservation of energy, technology absorption and foreign exchange outgo:
The required information as per Sec.134 (3) (m) of the Companies Act 2013 is provided
hereunder and Rule 8 of Companies (Accounts) Rules, 2014:
A. Conservation of Energy:
Your Company's operations are not energy intensive. Adequate measures have been taken
to conserve energy wherever possible by using energy efficient computers and purchase of
energy efficient equipment.
B. Technology Absorption:
| 1. Research and Development (R&D) |
: NIL |
| 2. Technology absorption, adoption and innovation |
: NIL |
C. Foreign Exchange Earnings and Out Go:
1. Foreign Exchange Earnings: Nil
2. Foreign Exchange Outgo: Nil
31. Management discussion and analysis report:
Management discussion and analysis report for the year under review as stipulated under
Regulation 34(2) (e) read with schedule V, Part B of SEBI (Listing Obligations and
Disclosure Requirements), Regulations 2015 with the stock exchange in India is annexed
herewith as Annexure- I to this report.
32. Risk management policy:
The Board of Directors had constituted Risk Management Committee to identify elements
of risk in different areas of operations and to develop policy for actions associated to
mitigate the risks. The Committee is responsible for reviewing the risk management plan
and ensuring its effectiveness. The major risks identified by the businesses and functions
are systematically addressed through mitigating actions on a continual basis.
33. Corporate governance:
Your Company has taken adequate steps to ensure compliance with the provisions of
Corporate Governance as prescribed under the Listing Regulations. A separate section on
Corporate Governance, forming a part of this Report and the requisite certificate from the
Company's Auditors confirming compliance with the conditions of Corporate Governance is
attached to the report on Corporate Governance as Annexure II.
34. Annual Return:
Pursuant to Sections 92 & 134(3) of the Act and Rule 12 of the Companies
(Management and Administration) Rules, 2014, the Annual Return in Form MGT-7 is also
available on the Company's website URL: https://www.7seasent.com
35. Authorised and paid-up capital of the company:
The authorized capital of the company stands at Rs. 15,20,00,000/- divided into
1,52,00,000 equity shares of Rs.10/- each. The company's paid up capital is Rs.
15,13,59,000/- divided into 1,51,35,900 equity shares of Rs. 10/- each.
36. Declaration of independence:
The Company has received declarations from all the Independent Directors of the Company
confirming that they meet with both the criteria of independence as prescribed under
sub-section (6) of Section 149 of the Companies Act, 2013 and under Regulation 16(1)(b)
read with Regulation 25 of the Listing Regulations.
In compliance with Rule 6 of Companies (Appointment and Qualification of Directors)
Rules, 2014, all the PIDs of the Company have registered themselves with the India
Institute of Corporate Affairs (IICA), Manesar and have included their names in the
databank of Independent Directors within the statutory timeline.
The Independent Directors have also confirmed that they have complied with Schedule IV
of the Act and the Company's Code of Conduct.
In terms of Regulations 25(8) of the Listing Regulations, the Independent Directors
have confirmed that they are not aware of any circumstance or situation, which exists or
may be reasonably anticipated, that could impair or impact their ability to discharge
their duties with an objective independent judgement and without any external influence.
During the year, Independent Directors of the Company had no pecuniary relationship or
transactions with the Company, other than sitting fees, commission and reimbursement of
expenses incurred by them for the purpose of attending meetings of the Board of Directors
and Committee(s).
37. Director's Responsibility Statement:
Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the
best of their knowledge and ability, confirm that for the financial year ended March 31,
2023:
a) in the preparation of the annual accounts for the financial year ended 31 March
2023, the applicable accounting standards and schedule III of the Companies Act, 2013 have
been followed and there are no material departures from the same;
b) the Directors have selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of your Company as on 31 March 2023 and of the profit
and loss of the Company for the financial year ended 31 March 2023 ;
c) proper and sufficient care has been taken for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 2013 for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
d) The annual accounts have been prepared on a going concern basis;
e) Proper internal financial controls laid down by the Directors were followed by the
Company and that such internal financial controls are adequate and were operating
effectively; and
f) Proper systems to ensure compliance with the provisions of all applicable laws were
followed and that such systems were adequate and operating effectively.
38. Vigil Mechanism/Whistle Blower Policy:
The Company has formulated a Vigil Mechanism / Whistle Blower Policy pursuant to
Regulation 22 of the Listing Regulations and Section 177(10) of the Act, enabling
stakeholders to report any concern of unethical behaviour, suspected fraud or violation.
The said policy inter-alia provides safeguard against victimization of the Whistle
Blower. Stakeholders including directors and employees have access to the Managing
Director & CFO and Chairperson of the Audit Committee.
During the year under review, no stakeholder was denied access to the Chairperson of
the Audit Committee.
The policy is available on the website of the Company at www.7seasent.com
39. Corporate social responsibility policy:
Since your Company does not have net worth of Rs. 500 Crore or more or turnover of Rs.
1000 Crore or more or a net profit of Rs. 5 Crore or more during the financial year,
section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility is not
applicable and hence the Company need not adopt any Corporate Social Responsibility
Policy.
40. Board Evaluation:
Performance of the Board and Board Committees was evaluated on various parameters such
as structure, composition, diversity, experience, corporate governance competencies,
performance of specific duties and obligations, quality of decision-making and overall
Board effectiveness. Performance of individual Directors was evaluated on parameters, such
as meeting attendance, participation and contribution, engagement with colleagues on the
Board, responsibility towards stakeholders and independent judgement. All the Directors
were subjected to peer-evaluation.
All the Directors participated in the evaluation process. The results of evaluation
were discussed in the Board meeting held in Feb 2023. The Board discussed the performance
evaluation reports of the Board, Board Committees, Individual Directors, Independent
External Persons and noted the suggestions / inputs of the Directors. Recommendations
arising from this entire process were deliberated upon by the Board to augment its
effectiveness and optimize individual strengths of the Directors.
The detailed procedure followed for the performance evaluation of the Board, Committees
and Individual Directors is enumerated in the Corporate Governance Report.
41. Audit Committee Recommendations:
During the year, all recommendations of Audit Committee were approved by the Board of
Directors.
42. Companies which have become or ceased to be subsidiaries:
None of the companies have become or ceased to become the subsidiaries, joint ventures
or associates' company to M/s. 7Seas Entertainment Limited during the year 2022-23.
43. Policies:
The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandated
the formulation of certain policies for all listed companies. All the policies are
available on our website www.7seasent.com.
44. Secretarial Standards:
The Company has devised proper systems to ensure compliance with the provisions of all
applicable Secretarial Standards issued by the Institute of Company Secretaries of India
and such systems are adequate and operating effectively. During the year under review, the
Company was in compliance with the Secretarial Standards (SS) i.e., SS-1 and SS- 2,
relating to "Meetings of the Board of Directors" and "General
Meetings", respectively.
45. Insurance:
The properties and assets of your Company are adequately insured.
46. Particulars of Loans, Guarantees or Investments
The Company has availed Credit and Guarantee facilities from Indian Overseas Bank, Raj
Bhavan Road Branch during the year. Due to non- payment of interest on cash credit
accounts, the bank has classified cash credit as NPA account. The management has made its
best efforts towards one time settlement.
Further, the company has not given loans or guarantees or made investments attracting
section 186 of the Companies Act, 2013 during the year under review.
47. Internal Financial Control Systems:
Your Company has well laid out policies on financial reporting, asset management,
adherence to Management policies and also on promoting compliance of ethical and
well-defined standards. The Company follows an exhaustive budgetary control and standard
costing system. Moreover, the management team regularly meets to monitor goals and results
and scrutinizes reasons for deviations in order to take necessary corrective steps. The
Audit Committee which meets at regular intervals also reviews the internal control systems
with the Management and the internal auditors.
The internal audit is conducted at the Company and covers all key areas. All audit
observations and follow up actions are discussed with the Management as also the Statutory
Auditors and the Audit Committee reviews them regularly.
48. Related Party Transactions:
All related party transactions that were entered into during the financial year were on
arm's length basis and were in the ordinary course of business. During the financial year
2022-23, there were no materially significant related party transactions made by the
Company with Promoters, Directors, Key Managerial Personnel or other designated persons
which may have a potential conflict with the interest of the Company at large.The
transactions with the related parties are routine and repetitive in nature.
The summary statement of transactions entered into with the related parties are
approved by the Audit Committee and the Board of Directors on a quarterly basis. The
summary statements are supported by an independent audit report certifying that the
transactions are at an arm's length basis and in the ordinary course of business.
The Form AOC-2 pursuant to Section 134(3)(h) of the Companies Act, 2013 read with Rule
8(2) of the Companies (Accounts) Rules, 2014 is is annexed herewith as Annexure- III to
this report.
49. Policy on director's appointment and remuneration:
In adherence to the provisions of Section 134(3)(e) and 178(1) & (3) of the
Companies Act, 2013, the Board of Directors upon recommendation of the Nomination and
Remuneration Committee approved a policy on Director's appointment and remuneration,
including, criteria for determining qualifications, positive attributes, independence of a
Director and other matters. The said Policy extract is covered in Corporate Governance
Report which forms part of this Report and is also uploaded on the Company's website at
www.7seasent.com
50. Particulars of Employees and related Disclosure:
Disclosure pertaining to remuneration and other details as required under section 197
of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is given in Annexure–IV to this
Report.
The Statement containing the particulars of employees as required under section 197(12)
of the Companies Act, 2013 read with rule 5(2) and other applicable rules (if any) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided
in a separate annexure forming part of this report. Further, the report and the accounts
are being sent to the members excluding
During the year none of the employees is drawing a remuneration of Rs.1,02,00,000/- and
above per annum or Rs.8,50,000/- per month and above in aggregate per month, the limits
specified under the Section
197(12) of the Companies Act,2013 read with Rules 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014.
51. Declaration by the company:
The Company has issued a certificate to its Directors, confirming that it has not made
any default under Section 164(2) of the Companies Act, 2013, as on March 31, 2023.
52. Non-executive directors' compensation and disclosures:
None of the Independent / Non-Executive Directors has any pecuniary relationship or
transactions with the Company which in the Judgment of the Board may affect the
independence of the Directors.
No compensation was paid to the Independent and Non-Executive Directors.
53. Implementation of Corporate Action
During the year under review, the Company has complied with the specified time limit
for implementation of Corporate Actions.
54. Shares transferred to investor education and protection fund:
No shares were transferred to the Investor Education and Protection Fund during the
year under review.
55. Ratio of remuneration to each director:
Under section 197(12) of the Companies Act, 2013, and Rule 5(1)(2) & (3) of the
Companies (Appointment & Remuneration) Rules, 2014, the ratio of Managing Director's
(Mr. L. Maruti Sanker) and Whole-Time Director's (Mrs. L. Hemalatha) remuneration to
median employees is 3:1 and 2:1 respectively.
56. Non-executive directors' compensation and disclosures:
None of the Independent / Non-Executive Directors has any pecuniary relationship or
transactions with the Company which in the Judgment of the Board may affect the
independence of the Directors.
57. Industry based disclosures as mandated by the respective laws governing the
company:
The Company is not a NBFC, Housing Companies etc., and hence Industry based disclosures
is not required.
58. Failure to implement corporate actions:
During the year under review, no corporate actions were done by the Company.
59. Corporate insolvency resolution process initiated under the insolvency and
bankruptcy code, 2016.
No corporate insolvency resolution processes were initiated against the Company under
the Insolvency and Bankruptcy Code, 2016, during the year under review.
60. Policies:
The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandated
the formulation of certain policies for all listed companies. All the policies are
available on our website (https://www.7seasent.com/investors/ policies). The policies are
reviewed periodically by the Board and updated based on need and new compliance
requirement
61. Statutory compliance:
The Company has complied with the required provisions relating to statutory compliance
with regard to the affairs of the Company in all respects.
62. Code of conduct for the prevention of insider trading:
Pursuant to the provisions of SEBI (Prohibition of Insider Trading) Regulations, 2015
as amended from time to time, the Company has formulated a Code of Conduct for Prevention
of Insider Trading ("Insider Trading Code") and a Code of Practices and
Procedures for fair disclosure of Unpublished Price Sensitive Information
("UPSI").
The Code of Practices and Procedures for fair disclosure of UPSI is available on the
website of the Company at https:// www.7seasent.com
63. Details of difference between valuation amount on one time settlement and valuation
while availing loan from banks and financial institutions:
During the year under review, there has been no one time settlement of loans taken from
banks and financial institutions.
64. CEO/CFO Certification:
As required Regulation 17(8) read with Schedule II of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the CEO/CFO certification is attached with the
annual report as Annexure V.
65. Prevention of sexual harassment at workplace:
The Company has always believed in providing a safe and harassment free workplace for
every individual working in its premises through various policies and practices. The
Company always endeavours to create and provide an environment that is free from
discrimination and harassment including sexual harassment.
The Company has adopted a policy on Prevention of Sexual Harassment at Workplace which
aims at prevention of harassment of employees and lays down the guidelines for
identification, reporting and prevention of undesired behaviour. An Internal Complaints
Committee ("ICC") has been set up by the senior management (with women employees
constituting the majority). The ICC is responsible for redressal of complaints related to
sexual harassment and follows the guidelines provided in the Policy.
During the financial year ended March 31, 2023, no complaints pertaining to sexual
harassment have been received.
66. Green Initiatives:
In commitment to keep in line with the Green Initiative and going beyond it to create
new green initiatives, electronic copy of the Notice of 32nd Annual General Meeting of the
Company are sent to all Members whose email addresses are registered with the
Company/Depository Participant(s). For members who have not registered their e-mail
addresses, physical copies are sent through the permitted mode.
67. Event Based Disclosures
During the year under review, the Company has not taken up any of the following
activities:
1. Issue of sweat equity share: NA
2. Issue of shares with differential rights: NA
3. Issue of shares under employee's stock option scheme: NA
4. Disclosure on purchase by Company or giving of loans by it for purchase of its
shares: NA
5. Buy back shares: NA
6. Disclosure about revision: NA
7. Preferential Allotment of Shares: NA
68. Other Disclosures:
Your Directors state that no disclosure or reporting is required in respect of the
following items as there were no transactions on these items during the year under review:
a. Issue of equity shares with differential rights as to dividend, voting or otherwise.
b. Issue of shares (including sweat equity shares) to employees of the Company under
any scheme save and except ESOS referred to in this Report.
c. Neither the Managing Director nor the Whole-time Directors of the Company receive
any remuneration or commission from any of its subsidiaries.
69. Appreciation & acknowledgement:
Your Directors place on record their appreciation for the overwhelming co-operation and
assistance received from the investors, customers, business associates, bankers, vendors,
as well as regulatory and governmental authorities. Your Directors also thanks the
employees at all levels, who through their dedication, co-operation, support and smart
work have enabled the company to achieve a moderate growth and is determined to poise a
rapid and remarkable growth in the year to come.
Your Directors also wish to place on record their appreciation of business
constituents, banks and other "financial institutions and shareholders of the Company
like SEBI, BSE, NSE, NSDL, CDSL, ICICI Bank, Kotak Mahindra Bank and CITI Bank etc. for
their continued support for the growth of the Company.
|
For and on behalf of the Board of Directors |
|
|
7Seas Entertainment Limited |
|
|
Sd/- |
Sd/- |
|
L. Maruti Sanker |
L. Hemalatha |
| Date: 11.08.2023 |
Managing Director |
Whole-Time Director cum CFO |
| Place: Hyderabad |
(DIN: 01095047) |
(DIN: 02226943) |
